Lifetime Mortgage Lump Sum+:

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Lump Sum+ Features

We’re a leading provider of Equity Release products. We’ve been helping people enjoy enriched retirements through lifetime mortgages since 2002.

For many of your clients, their home is their biggest asset. Protecting this asset becomes a financial and emotional concern. Understanding the options available can help your clients unlock the equity in their home – meaning they can achieve their financial objectives later in life.

Clients who would be suitable

Typically, LV='s Lifetime Mortgage Lump Sum+ is suitable for clients who: 

  • Are age 60 to 95 years old.
  • Own a property worth more than £100k which is in England, Wales or Scotland. 
  • Wish to release a modest-to-significant amount of equity from their home.
  • Do not intend to repay the loan during their lifetime, and,
  • Would like the certainty of knowing upfront what the charges would be if they did.

Clients who wouldn’t be suitable

LV='s Lifetime Mortgage Lump Sum + is not designed for clients who:

  • Are under 60, or couples where one person is under 60.
  • Want to guarantee they will retain positive equity.
  • Wish to protect a percentage of their property from interest roll up (using a facility such as an inheritance guarantee).
  • Need a facility or credit limit they can draw on in future.
Debs has had a challenging but rewarding career as a part-time nurse, and is now looking forward to a retirement enjoying freedom, quality time with her friends and her hobbies. 
She’s divorced and lives in Kent – her flat is worth £140k with a small mortgage. With an annual income of £16k, Debs wants the reassurance of accessing money when she needs it as she transitions into retirement. 

Our Lifetime Mortgage Lump Sum+ would suit Debs: she keeps on top of her finances and likes to know what she owes without needing to make complex calculations. She’d like a cash boost to help repay an interest-only mortgage and outstanding unsecured loan to support her longer-term plans. The no interest repayments throughout the lifetime of the loan and fixed and transparent ERCs would be beneficial to Debs.

Standard lending criteria for clients

We’ll lend to an applicant who:

  • Is aged between 60 and 95.
  • Is a UK resident with an address history covering the last 36 months, and has a permanent right to reside in the UK.
  • Is able to prove their identity.
  • Has a property valued between £100,000 and £5m (properties valued £1m or over will require individual underwriting).
  • Is the sole or joint owner of the property if married/civil partnership/co-habiting couple. Standard joint occupancy requires both borrowers to be on the deeds of the property and the lifetime mortgage application.
  • Is low risk on our credit search report

For more information, please refer to our Lending Policy Guide.

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Lifetime Mortgage client suitability guide

Help personalise your service and match your client’s needs to the most suitable LV= Lifetime Mortgage. Our suitability guide helps identify when equity release is the right solution, finding the most appropriate lifetime mortgage.
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Keeping clients in their home

Your clients can stay in their home - as long as it’s their legal right, and they meet the terms and conditions of their mortgage.

Your clients need to understand how the terms and conditions of their lifetime mortgage will affect them. They'll need to:

  • Keep adequate building insurance.
  • Keep up the maintenance of the home so it remains in the condition it was when the lifetime mortgage was taken out.
  • Obtain permission from us before they allow any other person to live in any part of their home.

Other people living in the property

If your client is living with their partner, civil partner, or spouse, they'll both need to be named on the property deeds and in their Lifetime Mortgage Lump Sum+ application.
 

  • If there are friends or family living in the property, or children aged 17 or over they’ll need to sign an occupancy waiver releasing their rights to the property.
  • Those who are incapable of signing a waiver, for example due to disability, may have an occupancy waiver signed by a suitable power of attorney. The attorney must not be an applicant for the loan. 
  • Individuals under 17 do not need to sign a waiver of occupancy.
  • If your client has any tenants or lodgers living with them, you'll need to contact us first before an application is submitted.

Moving home

Your client can move when their lifetime mortgage is up and running. The new home will need to meet our lending requirements at that time.

  • If the new property is less expensive, we may ask your client to pay back part of the outstanding mortgage.
  • If your client needs to pay back part of the outstanding mortgage, there won’t be an early repayment charge.
  • If your client chooses to pay back more, or repay the lifetime mortgage in full, we may charge an early repayment charge.
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Equity Release Council

We’re a member of the Equity Release Council. Their standards aim to protect your clients through their code of conduct. That’s why we’re clear on our offering – with additional features and safeguards to our lifetime mortgage products.

More on the Equity Release Council
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